Abstract
This case reviews different varieties of currency crises and two in particular: United Kingdom in 1992 and Hong Kong in 1998. These were two very different types of crises, and understanding them could serve the protagonist well when future crises occurred. Excerpt UVA-GEM-0108 Rev. Feb. 8, 2018 Currency Crises in the United Kingdom and Hong Kong As Arturo Rodrigo was riding the early morning Metro North train from Manhattan to Greenwich, Connecticut, in late December 2010, his thoughts turned to past currency crises. At this point, most emerging markets were struggling to contain the appreciation of their currencies, so perhaps currency crises were not likely in the foreseeable future. But Rodrigo knew conditions could change quickly, so during this quiet holiday season, he would take advantage of the luxury of thinking through issues in relative calm. In another week or so, his days would be too full for proper thinking. Rodrigo set about to refresh his knowledge of currency crises in general, and two specific crises: United Kingdom in 1992 and Hong Kong in 1998. These were two very different types of crises, and understanding them could serve him well when future crises occurred. Fixed Exchange Rates: The Pros and Cons . . .
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